Newark, NJ, May 25, 2021 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global polymethyl methacrylate market is expected to increase from 4.9 billion USD in 2020 and reach 6.4 billion USD by 2028, with a CAGR of 3.5% during the forecast period 2021-2028.

The polymethyl methacrylate (PMMA) market has experienced significant growth in recent years. This growth is attributed to the growing demand for LED flat screens, optoelectronics, investments in bio-based polymethyl methacrylate, growing demand from the industries involved and the awareness of the advantages and capabilities of PMMA in as a substitute for glass and heavy materials. In addition, the rise of innovative applications, modernization and technological advancements in production techniques will create growth and new opportunities for the PMMA market. Government regulations to use durable polymers further increase the growth of polymethyl methacrylate.

PMMA (polymethyl methacrylate) is a synthetic resin and thermoplastic polymer of methyl methacrylate, also known as acrylic glass. It is produced from the polymerization process. PMMA is a transparent thermoplastic that comes in the form of beads, sheets, pallets, and blocks. It is used as a substitute for heavy materials and glass. It is used in skylights, neon signs, airplane awnings, and shatterproof windows due to its rigid, clear, and lightweight nature. Due to its light weight and transparency, it is used in signs and displays, electrical and electronics, automotive and transportation, building and construction, and applied for LCD panels.

The global polymethyl methacrylate market is expected to experience significant growth, owing to the increasing demand from government regulations to use sustainable polymers, an alternative for glass and polycarbonate, the increasing demand for the automotive and automotive industry. transport, awareness of the advantages and capabilities of PMMA, and increasing demand from applied industries. The factors limiting the market are high production costs, lack of raw materials and falling demand in the automotive industry.

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Major players operating in the global polymethyl methacrylate market include Asahi Kasei Corporation, Arkema Group, Evonik Industries AG, Chi Mei Corporation, Kolon Industries, Inc., GEHR Plastics, Inc., Mitsubishi Rayon Co., Ltd., Sumitomo Chemical Co., Ltd., Polycasa NV, Saudi Arabia Basic Industries Corporation, Quinn Plastic and LG MMA Corporation. To gain significant market share in the global polymethyl methacrylate market, major players are now focusing on adopting strategies such as joint ventures, product innovations, mergers and acquisitions, recent developments, collaborations and partnerships.

• In March 2019, Evonik’s methacrylate business was acquired by Advent International for € 3 billion to strengthen its portfolio of polymethyl methacrylate products in electronics, automotive and construction.

The extruded sheet segment dominated the market and held the largest market share of 51% in 2020.

On the basis of type, the global polymethyl methacrylate market is segmented into granules, beads and extruded sheets. The extruded sheet segment dominated the market and held the largest market share of 51% in 2020. This growth is attributed to increased demand for high performance sheet metal, cost efficiency and excellent thickness tolerances.

The automotive segment dominated the market and held the largest 40% market share in 2020.

On the basis of application, the global polymethyl methacrylate market is segmented into signs and displays, lighting, automotive, construction, sanitary, electronics, and others. The automotive segment dominated the market and held the largest market share of 40% in 2020. Global automotive production increased to 77.62 million units in 2020.

The optics segment dominated the market and held the largest market share of 1.3 billion in 2020.

On the basis of quality, the global polymethyl methacrylate market is segmented into multipurpose and optical. The optics segment dominated the market and held the largest market size of 1.3 billion in 2020. The growth is attributed to the growing demand for optoelectronics in emerging countries.

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Regional segment of polymethyl methacrylate market

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• Middle East and Africa (UAE, South Africa, rest of MEA)

On the basis of geography, the global polymethyl methacrylate market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In North America, the United States held the largest market size with $ 1.3 billion in 2020. Asia-Pacific is the fastest growing region. China holds the world’s second largest economy and is expected to reach a market size of USD 1.2 billion by 2028.

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About the report:

Global Polymethyl Methacrylate (PMMA) Market is analyzed on the basis of value (USD Million & Billion). All segments were analyzed globally, regionally and nationally. The study includes analysis of over 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges to get the key insights of the market. The study includes the carrier’s five force model, attractiveness analysis, commodity analysis and competitor position grid analysis.

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